Ann: Appointment of Administrators, page-14

I'm roughly in agreement, to a point. I agree that the PMs are better than the market is giving them credit for - but I actually believe Clifford is much better than that (even if not quite up there with Neilson). As you say, the spring is fully compressed, and it won't take brilliance for things to turn from here (though it's not guaranteed, especially if the "tech sector" rebounds).

Where I differ from you is that I actually believe the "poor performance" is a marker of their fortitude. Remember, they've lagged the indices, but they've delivered positive returns. This is mainly because they've refused to be seduced by the siren call of the momentum driven sectors. Not many fundies will stick to their guns if it means continuing outflows. It may be counterintuitive, but I believe yesterday's "negatives" are a positive. I'm not interested in buying yesterday's outperfomance, I'm interested in buying tomorrow's.